ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables.

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Ronika Khanna CPA,CA

JUNE 30, 2023

As an accountant and small business financial consultant, one of the most common areas of confusion and questions by small business corporation owners revolves around how to pay themselves and if one way is preferable to another. These amounts are reported as employment income on your personal tax return.

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Menzies

DECEMBER 7, 2022

Menzies LLP - A leading chartered accountancy firm. For example, if a firm also holds client funds in respect of insurance business, then rather than applying the CASS 5 rules to the insurance monies, CASS 7 can be applied to both. Separate client money accounts must be maintained for insurance and investment amounts.

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Cheap Accounting

AUGUST 31, 2023

The one downside is dealing with the bureaucracy and regulation that running a business brings. Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. As soon as you start to trade or operate your business you’ll need to register with HMRC.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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LyfeAccounting

MAY 21, 2021

Some fail to tax plan but most simply miss out on the biggest tax write offs for LLC businesses. So keep on reading, because today, we’re going to reveal the biggest tax write offs for LLC businesses that you can take advantage of. And, specific accounting advice should come from your contact attorney or CPA. That’s right!

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Nancy McClelland, LLC

DECEMBER 29, 2022

Chicago businesses should take a moment to review upcoming changes before year-end. As of July 1, 2020, the Illinois Human Rights Act defines “employers” as those having one or more employees (replacing the prior threshold of 15 or more employees in Illinois for most types of discrimination). for employers with 21 or more workers.

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Shay CPA

APRIL 5, 2023

With that in mind, our team of expert tech startup bookkeepers and accountants put our heads together. Organize according to GAAP If you’ve been following our blogs, you’ve probably seen this come up before. Organize according to GAAP If you’ve been following our blogs, you’ve probably seen this come up before. based companies.

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Snyder

FEBRUARY 12, 2023

The only thing that a business owner wants is to nail the tax season. This article will help outline the basics of payroll taxes every small business owner needs to know about. It’s a type of tax that’s used to fund various social programs, such as Social Security and Medicare. So how is payroll tax calculated?

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Cheap Accounting

SEPTEMBER 11, 2023

There are some practical issues to consider such as checking your insurance cover, does your mortgage or rental agreement allow lettings as well as continued eligibility of any applicable benefits or council tax discounts given. It won’t come as a shock to anyone that we’re slap bang in the middle of a cost of living crisis.

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ThomsonReuters

JANUARY 14, 2022

9651) further extended the ERC through December 31, 2021 and added a “recovery startup business” as a type of employer that may qualify for the ERC, limiting the credit for such employers to $50,000 per calendar quarter. Recovery startup businesses remained eligible for the ERC through December 31, 2021. .

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LyfeAccounting

DECEMBER 7, 2020

And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. It doesn’t matter if you have one employee, 10 employees, 50 employees or haven’t even started your business yet, you are going to want to read this post in its entirety. Types of US Payroll Taxes. – Medicare.

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ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. The taxing of profits from the business is at both corporate and personal levels, potentially creating a double taxation situation. Section 162 of the Internal Revenue Code details the allowable business expenses.

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LyfeAccounting

JANUARY 20, 2021

Does my business type qualify? All we saw were headlines like “PPP loan plan a mess so far for small businesses”, or. Note that you will want to speak to your accountant or lawyer for specific advice regarding your specific situation. The following business types are also eligible: Sole proprietors.

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LyfeAccounting

NOVEMBER 2, 2020

In other words, we’re going to debate a 1099 vs W2 and which one may be best for your business. Which is if you’re at this point, it likely means that your business is growing which is not an easy feat to accomplish. And as we know, business is tough, so you want to be able to pay competitively and get good talent.

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LyfeAccounting

OCTOBER 16, 2020

Starting a business isn’t very easy. I mean a lot of people think, and a lot might say, “Whoa, I don’t want to get into debt especially with 8 out of 10 new businesses failing. Well, here’s the thing, how to start a business in 2020, is easier than it’s ever been before. 10 Steps on How to Start a Business.

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ThomsonReuters

JANUARY 30, 2023

The proposal would also eliminate the differentiation between small and large employers but keep the geographical rate differentiation. States eye workforce as a legislative priority for payroll The majority of state legislatures began their legislative sessions this January. State legislators are responding to the call.

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PYMNTS

JANUARY 4, 2019

In the wake of the Great Recessions, Americans en masse got awfully nervous about opening new accounts and using credit cards. Open accounts peaked near 500 million at mid-2008, then plunged to 360 million by the third quarter of 2010, according to a 2013 report by the New York Federal Reserve. Because being generous isn’t cheap.

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LyfeAccounting

NOVEMBER 17, 2020

As a business owner, understanding how to navigate taxes can be extremely overwhelming. With our first business, LYFE Marketing, I remember stressing to figure out what was the best way to pay my taxes. It is not meant to take the place of legal and accounting advice specific to your business. What are Income Taxes?

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LyfeAccounting

FEBRUARY 4, 2021

Some revisions have made the process easier for businesses with smaller loan amounts. The SBA form 3508S is a simplified application form that for the most part requires the business owner to answer some questions. So if you applied for both grants, then that means you could have received two grants for your business in 2020.

payroll 52

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ThomsonReuters

JANUARY 21, 2022

By contributing skills and resources their business partner lacks, both parties expand their overall ability to create value. The survey, released by consulting firm The Growth Partnership, lays bare the urgency for firms to find business partners. How do strategic partnerships drive new business for tax and accounting firms?

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inDinero Accounting

JANUARY 9, 2023

Table of Contents What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? However, a lack of accounting experience and knowledge can be a hindrance, especially for startups which need to be agile and primed for rapid growth. What Makes Accounting Services for Startups Different?

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inDinero Accounting

JANUARY 9, 2023

What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? How to Select the Right Startup Accountant. Getting Started with Startup Accounting. Accountants’ specialized knowledge can support your startup business in many ways. The numbers are just small.

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ThomsonReuters

JUNE 14, 2021

Department of Labor (DOL) issued Unemployment Insurance Program Letter (UIPL) 20-04 to state workforce agencies regarding the localization of work provisions. Localization of Work. In May of 2004, the U.S. The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid.

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LyfeAccounting

NOVEMBER 3, 2020

This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. As a CPA, I have recognized a common pattern amongst small businesses and self-employed individuals- they are paying way too much in taxes and are missing some of the BIGGEST tax write-offs. Now, let’s begin.

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ThomsonReuters

FEBRUARY 8, 2024

Managing an LLC As a business structure, the primary purpose of an LLC is to protect the owners’ personal assets from debt collection and lawsuits aimed at the LLC. However, LLCs also enjoy certain tax advantages that make them popular, especially for small business owners. How can an LLC reduce its taxes? How are LLCs taxed?

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LyfeAccounting

MARCH 11, 2021

Private Mortgage Insurance. If you put less than 20% down or refinance with less than 20% in equity, lenders typically require you to pay monthly Private Mortgage Insurance (also known as PMI) with your mortgage. We’re about to reveal the best and biggest tax breaks for homeowners. But you’re not one of them…. Mortgage Interest.

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LyfeAccounting

JULY 6, 2021

Starting a business from scratch is not the only way to start a business. In fact, in a lot of instances, it is much easier to buy an existing business than starting from ground zero. In this post, we will explain the 6 general steps of buying an existing business and what to look out for when choosing a business to buy.

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LyfeAccounting

OCTOBER 23, 2020

In fact, as a CPA, I’ve helped businesses and individuals save on their taxes through tax planning. Open a Retirement Account. Perhaps you’ve heard of employer 401ks where employers and employees contribute to the employee’s 401k account. But what if you own your business or your employer does not offer 401ks as a benefit?

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LyfeAccounting

JUNE 15, 2021

And it’s definitely not insurance or management fees. ” Pretty much meaning that the IRS understands that yes, over time an asset or piece of property experiences some type of wear and tear, and the asset loses value because of it. .” No, it’s not repairs, maintenance, or real estate taxes. So what is it?

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PYMNTS

JULY 1, 2016

Digitally driven consumers need more than just an emailed survey or online flyer for meaningful engagement with brands. Beard and Kulina joined PYMNTS to discuss what card issuers need to be paying attention to on their pursuit of permission marketing and the pitfalls to avoid along the way. Here’s an excerpt of the conversation ….

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LyfeAccounting

DECEMBER 28, 2020

And while I can’t tell you if those stories are true or not, or whether or not they’re committing fraud or not… I can tell you for a FACT that there are incentives BAKED into the tax law that allows businesses and individuals to save on their taxes. Business Tax Credits vs Tax Deductions. And they DO NOT at all.

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